Ethereum Labs Announces Launch Of “EtherX” A Multi-Currency Wallet With Integrated Exchange Featuring “EthereumCard”




EtherX

Ethereum Labs announces the launch of much anticipated “EtherX” platform and the release of brand new multi-currency wallet with integrated exchange featuring ‘EthereumCard” and many other various white label derivatives…

Ethereum Labs

Ethereum Labs is a research and development organization, incubating disruptive ideas, leveraging the Ethereum Blockchain Stack, developing decentralized applications, organizations and smart contracts. Ethereum Labs’ mission at it’s core is to deliver real life value through applications that can make a meaningful difference to legacy processes

EtherX

EtherX is a distributed decentralized application that will serve as a secure multi-currency wallet with an integrated exchange. Features of the new EtherX wallet are as follows:

  • Multi-Signature – Allows funds within specific wallets to be controlled by multiple parties based on a specific set of rules or individual roles. This feature will be important as many blockchain based applications will require this type of functionality (Family Trusts, Joint Accounts etc.)
  • Multi-Currency – Offers the ability to store and transact in many different types of blockchain based currencies, tokens and derivatives. This feature will become more and more in demand as the ecosystem expands and the masses start to implement these technologies into everyday life and everyday business and will eventually transition into an accepted requirement across many applications and platforms.
  • Integrated Marketplace – Users will also have the ability or option to view several different vertical marketplaces where they can find, track and pay for goods and services directly from the wallet.
  • Integrated Exchange – The EtherX integrated exchange is fully compliant and regulated and can facilitate the exchange of fiat as well as various cryptocurrencies, smart contracts and cryptoassets (tokens and/or derivatives). Retail outlets and small business with appropriate AML & KYC licensing working through the core EtherX exchange API can now utilize any EtherX wallet as a potential exchange agent. While EtherX exchange is fully decentralized and distributed it does require regulation and compliance at gateways communicating with banking infrastructures.
  • ScalabilityIt is immensely scalable; a key requirement pertaining to the long term affordability of a busy blockchain. Because it is not focused on fulfilling financial transactions, the Ethereum blockchain purpose is different to that of Bitcoin. Technically, Ethereum doesn’t have a limit on the block size, and intrinsic to its core design, it will adjust dynamically as a whole, as part of its core design. In addition, Ethereum is continuing to work on improving the scalability aspects, and that will have the direct benefit of lowering the overall transaction costs.

Loyalty 2.0

One of the key focus areas of Ethereum Labs and EtherX developers is the evolution of loyalty apps on the blockchain. We are all familiar with loyalty apps and or reward point programs that have become hugely popular with names like “Frequent Flyer Miles” etc.

The evolution of loyalty apps and programs now being implemented onto the blockchain will be epic as white label derivatives are now being developed using Ethereum and Ðapps.

As explained by William Mougayar in his article The Business Imperative Behind the Ethereum Vision, A ÐApp is the combined set of smart contracts and client-side code that enables them. Smart contracts are like cryptographic “boxes” that contain a value and only unlock it if certain conditions are met. They typically encapsulate some logic, rules, a process, or an agreement between parties. When they are launched on Ethereum, the network enforces their ramifications.

A ÐApp can be viewed architecturally as being very similar to a traditional web application, with one difference: in a traditional web application, you have client side Javascript code that is run by users inside their browsers and server-side code that is run by a host or company; but in a ÐApp, you instead have smart logic running on the blockchain, and client side code running in Mist, the special browser.

Furthermore, a ÐApp can interact or connect with other web apps or other decentralized technologies. For e.g., a ÐApp may use a decentralized messaging service such as Whisper in the Ethereum context, or a decentralized file distribution like IPFS. On the web apps side, a company such as Google might want to get data from a decentralized reputation service, or a Bloomberg data feed may want to interface with a financial ÐApp.

The decentralization of loyalty or reward points will take this industry to new heights the likes of which we have never seen before. The introduction of Loyalty 2.0 represents a new peer-to-peer lifestyle filled with opportunity, connections and possibilities. Some of the features of Loyalty 2.0 applications and programs will include:

  • Blockchain loyalty tokens or reward points are generated by an algorithm and issued in the form of digital tokens on the blockchain…
  • By making use of underlying blockchain technology, blockchain based tokens and or retail reward points are decentralized and exempt from regulation…
  • Can create tokens for individual users and loyal patrons however the countervailing liability resides on the blockchain itself…
  • No liability on merchant balance sheets…
  • Tokens or Reward points distributed in real time due to the speed of transactions or confirmation times on the blockchain…
  • Instant consumer evaluation based on market not by expensive 3rd party consultants…
  • Instant Liquidity or conversion of loyalty tokens or reward points…
  • A more open, blockchain-mediated marketplace unlocks value, increases trust of users by making transactions public and also makes it simple for customers to trade or convert tokens and rewards points using an exchange…
  • Fraud and counterfeit proof security with multi-signature capabilities…
  • Seamless in social media, video games or any of digital media and can integrate with other apps on your smartphone…

EthereumCard (In Development)

EthereumCard is a universal platform that will be applied to numerous branded applications in the same way as the EtherX wallet. “EthereumCard” will serve as the perfect complement to mobile wallet apps for those who still prefer plastic and will offer many more features and benefits than traditional payment cards like Visa, Mastercard or American Express.

EthereumCard can be configured to a specific use case and can represent one or more of the following features:

  • White Label VISA/Mastercard Co-Branding – Fiat currency exchange capability, subject to requirements…
  • Near Field Communication (NFC) – “Tap and Pay” functionality on smartphone mobile apps that support NFC…
  • Multi-Currency Capability – Uses smart gateway if card not supported by wallet…

In conclusion, Ethereum Labs looks to take decentralized applications, organizations and smart contracts to the next level using EtherX and Ethereum Block Stack technology forever changing the app’s landscape and how we develop and use them.

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